Mortgage rates continued to trend down in the latest Primary Mortgage Market Survey published by Freddie Mac (OTCQB: FMCC).
The 30-year fixed-rate mortgage averaged 6.85% as of Feb. 20, down from last week when it averaged 6.87%. A year ago at this time, it averaged 6.90%.
The 15-year fixed-rate mortgage averaged 6.04%, down from last week when it averaged 6.09%. A year ago at this time, it averaged 6.29%.
“Mortgage rates decreased slightly this week,” said Sam Khater, Freddie Mac’s chief economist. “The 30-year fixed-rate mortgage has stayed just under 7% for five consecutive weeks and in that time has fluctuated less than 20 basis points. This stability continues to bode well for potential buyers and sellers as we approach the spring homebuying season.”
